View unanswered posts | View active topics It is currently Sat Oct 25, 2014 8:11 am



Reply to topic  [ 21 posts ]  Go to page 1, 2  Next
 Long Term Care Insurance 
Author Message

Joined: Fri Jan 15, 2010 9:33 pm
Posts: 3396
Location: Vermont
Post Long Term Care Insurance
My husband and I met with an insurance man today and discussed various options for LTC insurance. I am so grateful that there are many, many options nowdays. The LTC insurance my parents spent 10s of thousands of dollars on only paid for about 2.5 days a month of my dad's ALF. A drop in the bucket.
I'm glad I met with this agent because I had a really terrible view of LTC insurance prior to some of the postings on the forum and a friend whose mother had really good LTC insurance. There are so many ways you can now tailor-make a policy to fit your own situation, including some that are a combination LTC insurance and life insurance. If you don't use the LTC insurance and you die, the money becomes life insurance for your beneficiaries.
Now we have to go through and crunch some numbers (ugh, not a detail person when it comes to this sort of thing.) There's no time like the present to prepare for the future- it gets more expensive the older you are when you purchase it. I believe the agent told us that 70% of people who make it to age 70 will need LTC at some point. Policies now days also cover at-home care and a variety of options that the old plans didn't. Lynn

_________________
Lynn, daughter of 89 year old dad dx with possiblity of LBD, CBD, PSP, FTD, ALS, Vascular Dementia, AD, etc., died Nov. 30, 2010 after living in ALF for 18 months.


Tue Sep 06, 2011 8:14 pm
Profile

Joined: Fri Dec 31, 2010 3:07 pm
Posts: 1039
Location: Minnesota
Post Re: Long Term Care Insurance
You are setting a good example for us. I know I need to review my policy and make some decisions -- it would not cover what care costs now. I know it is important, I know sooner is better than later, I probably can afford it (maybe) and I don't have my head in the sand about my future. I just don't have time! I'll add it to the growing list of administrative stuff to do. Gotta make eye doctor appointments, gotta talk to financial planner about my pension, gotta give serious consideration to whether I should start receiving SS, gotta make podiatrist appointments, gotta find a sleep clinic to have tests, gotta gotta gotta. Often that administrative to-do list is the most stressful part of caregiving!

But thanks to you I'll at least add this to my gotta list. Maybe I'll get to it before my next birthday. :roll:

_________________
Jeanne, 68 cared for husband Coy, 86. RBD for 30+ years; LDB since 2003, Coy at home, in early stage, until death in 2012


Tue Sep 06, 2011 10:16 pm
Profile

Joined: Tue Dec 29, 2009 2:28 pm
Posts: 464
Location: Minnesota
Post Re: Long Term Care Insurance
Gee, Jeanne, you too? I have a psychiatrist from PNMC and a neurologist from NC both referring me to a sleep study. I need to decide which of their sleep centers to use.

Lynn, I hadn't heard that LTC had an option for it to become life insurance if you don't use it. I have to call my insurance agent anyway, after bruising my car a bit this weekend. So I'll ask her about adding such an option to my LTC.

One thing I did was to not opt for the LTC insurance offered through my employer. I also have a separate life insurance policy. I have changed jobs too many times - sometimes not my choice - to rely on something that is purchased through my employer and may not carry over to a time when that employer and I no longer have a relationship. These things are too important to me to risk losing them along with my job.

I have also become a interfering auntie by checking with each niece and nephew at the time of their marriage to be sure they look into an independent life insurance and LTC insurance policy. The premiums are much lower if you start on them when you are young and have not had any indications of serious illnesses. And those can crop up at any time, so there's no time like the present. I once had a manager who, after an extended trip to Hungary, showed signs of a mad-cow-like illness. She could no longer work, ended up in a nursing home that was not the best and died within a year (at that point a blessing). She was only 50 years old. So, again, there's no time like the present.

Thanks, Lynn, for making me aware of new options. I'm going to check it out with my agent.

Kate

_________________
Kate [i](Cared for Mom for years before anyone else noticed the symptoms, but the last year of her life was rough and we needed to place her in an SNF, where she passed in February 2012)[/i]


Tue Sep 06, 2011 11:48 pm
Profile

Joined: Fri Dec 31, 2010 3:07 pm
Posts: 1039
Location: Minnesota
Post Re: Long Term Care Insurance
Kate, I'm trying to decide between a doctor at Regions and one at the U for a sleep evaluation. I would love to see Dr Schenk at Hennepin, but he is no longer taking new patients (let us hope hope hope he will still be doing research) and he recommended the doctors at those two locations. Maybe I should toss a coin. Seeing anyone would be better than putting it off.

We'll have to compare notes when we've both been evaluated.

_________________
Jeanne, 68 cared for husband Coy, 86. RBD for 30+ years; LDB since 2003, Coy at home, in early stage, until death in 2012


Wed Sep 07, 2011 4:54 am
Profile

Joined: Fri Jan 15, 2010 9:33 pm
Posts: 3396
Location: Vermont
Post Re: Long Term Care Insurance
I think the LTC ins/life ins. type of policy is more expensive, since someone will definitely benefit and they need to factor that in, as opposed to just LTC ins. where some people will die before they use it so that money is "wasted" in effect.
They also now have choices like how many days you are willing to "self insure". Ex., you need to move to an ALF and most policies have a 90-day wait period before the LTC ins. kicks in. You now have the choice of NO wait, 30, 60 or 90 day wait. Of course the smaller the wait time, the more expensive the policy.
They say you should plan on a woman needing 4 yr. and men needing 2 yr. of LTC, on average. This is based on the 70% of us who make it to age 65 (mistake in my earlier post where I said 70) and eventually need LTC. If any of you want the phone no. of the agent I met with yesterday I'll send it to you via PM. Lynn

_________________
Lynn, daughter of 89 year old dad dx with possiblity of LBD, CBD, PSP, FTD, ALS, Vascular Dementia, AD, etc., died Nov. 30, 2010 after living in ALF for 18 months.


Wed Sep 07, 2011 8:24 am
Profile

Joined: Tue Dec 29, 2009 2:28 pm
Posts: 464
Location: Minnesota
Post Re: Long Term Care Insurance
Jeanne, I hadn't thought of Dr. Schenk. I wish he was taking patients. I know his reputation and would consider myself lucky to see him.

I'll let you know who I end up seeing.

Thanks for the additional info, Lynn. I'm calling my agent now.

Kate

_________________
Kate [i](Cared for Mom for years before anyone else noticed the symptoms, but the last year of her life was rough and we needed to place her in an SNF, where she passed in February 2012)[/i]


Wed Sep 07, 2011 1:04 pm
Profile

Joined: Tue Dec 29, 2009 2:28 pm
Posts: 464
Location: Minnesota
Post Re: Long Term Care Insurance
Lynn,

I talked with my insurance agent. She said that the kind of LTC insurance that can become life insurance is a lot more expensive. So, as no one depends directly on me for my income anymore, it doesn't seem to be something for me. If I had children or other dependents, though, I might consider it worth the expense. I have a 30 day wait on my policy. My agent said that was standard and that she hadn't heard of any policy with no wait. Maybe it hasn't made its way to Minnesota yet. Maybe something regulatory here. But when I think of it, odds are that between my disability insurance, and the probability that there would be some rehab involved during the waiting period, which medical insurance would cover, I think I'm OK.

Also, and this may be a regulation anyway for most states, whether the policy benefit keeps pace with inflation is important. The cost of a bed in an SNF has doubled since I bought my policy, but so has the benefit. A regular check on this, though, seems to be a good idea.

Good luck with your choice!

Kate

_________________
Kate [i](Cared for Mom for years before anyone else noticed the symptoms, but the last year of her life was rough and we needed to place her in an SNF, where she passed in February 2012)[/i]


Thu Sep 08, 2011 12:11 am
Profile

Joined: Fri Jan 15, 2010 9:33 pm
Posts: 3396
Location: Vermont
Post Re: Long Term Care Insurance
I think these choices may vary by state and they definitely vary by company. The guy I met with says he can get a policy with any co. that does business in Vermont. Perhaps the co. with the 0 waiting days doesn't do business in your state.
There are also choices of how much inflation you want built into your policy. It can be anywhere from 0 up to ???? He is suggesting building in 4 or 5% inflation. Obviously this is another option that gets more expensive, the higher the inflation rate you build in. If you don't have kids or grandkids, I think it wouldn't make any sense to have the hybrid plan which includes the life insurance option.
Have you seen how much LTC varies from one state to the next? It varies anywhere from about $500 a day to about $135 a day depending on where you live. Don't live in a LTC facility in Alaska or NYC unless you have a boatload of money or a really good LTC policy! Lynn

_________________
Lynn, daughter of 89 year old dad dx with possiblity of LBD, CBD, PSP, FTD, ALS, Vascular Dementia, AD, etc., died Nov. 30, 2010 after living in ALF for 18 months.


Thu Sep 08, 2011 9:19 am
Profile

Joined: Sun Oct 04, 2009 10:18 am
Posts: 276
Location: Washington State
Post Re: Long Term Care Insurance
Lynn,

I was wondering if you made a decision on long term care insurance? I spoke with a financial advisor the other day and she suggested self-insuring for $250K or so - money that all agreed not to touch unless needed for LTC. There is some sense to that. If we never used it, it would be part of our estate. I also got quotes on LTC for myself a year back (about $200/mo. premium) and didn't act on them. I hate the thought of facing a $2500 annual insurance bill. But I think I should put something in place. If you don't mind saying, what did you end up doing? Annie

_________________
Annie, daughter of brave Marie, dx 2007 and in ALF


Sun Oct 23, 2011 10:01 am
Profile

Joined: Fri Jan 15, 2010 9:33 pm
Posts: 3396
Location: Vermont
Post Re: Long Term Care Insurance
We haven't made up our minds yet - lots of other things going on here. I really don't know what the best choice for us is. I think I need to meet with another type of financial advisor too, before we make the decision about the LTC ins. I want to make sure there is $ protected for my kids so I really need to look at a bigger picture with an estate planner. When we get back from Italy I need to get this rolling again and we need to do it before the end of the year for tax reasons. Will post when we do make a decision about what to do. Lynn

_________________
Lynn, daughter of 89 year old dad dx with possiblity of LBD, CBD, PSP, FTD, ALS, Vascular Dementia, AD, etc., died Nov. 30, 2010 after living in ALF for 18 months.


Sun Oct 23, 2011 4:56 pm
Profile

Joined: Sun Oct 17, 2010 2:06 am
Posts: 63
Post Re: Long Term Care Insurance
I urge you to get the best long-term care insurance you can afford. We bought it 10 years ago, and I got the claim approved for my hb last month. It had a 5% yearly increase built in, and I am going to recoup all my hb's premiums in less than a year. Between the aide and the companion, he gets out four times a week to drive around, gets lunch at a denny's or similar, and I am able to continue with many of the activities I like to do. He had several falls before they started, and it was hard to get him to bathe or brush his teeth. Now somebody is always close to him to prevent or cushion falls, and he is showered thoroughly 5 times a week. He enjoys the changing faces around him, and while he is still medicated for his paranoia, he seems happier. I was seriously considering assisted living for him, but this arrangement is cheaper and allows him to stay in our home. I, too, was reluctant to take on a large insurance bill. In the end, I decided to look at it as similar to car insurance. You hate paying for it until somebody crashes into you.
We caregivers, of all people, understand the burden our care would place on someone if we became incompetent. Good luck!


Mon Oct 24, 2011 12:06 am
Profile

Joined: Fri Jan 15, 2010 9:33 pm
Posts: 3396
Location: Vermont
Post Re: Long Term Care Insurance
Challenged - is your husband getting 24/7 care from CGs coming into your home? Does he need that at this point? If not now, when he does need more care will your ins. pay all/most of what an ALF will cost? Are you willing to share the name of your ins. carrier? (not that all policies & co. are available in all states) Always interested in finding out who the GOOD ins. companies are! Thanks, Lynn

_________________
Lynn, daughter of 89 year old dad dx with possiblity of LBD, CBD, PSP, FTD, ALS, Vascular Dementia, AD, etc., died Nov. 30, 2010 after living in ALF for 18 months.


Mon Oct 24, 2011 8:57 am
Profile

Joined: Sun Oct 17, 2010 2:06 am
Posts: 63
Post Re: Long Term Care Insurance
My carrier is Genworth Financial, and we live in California. Our policy includes a care plan written by a nurse practitioner. I made the claim, and the company sent out a nurse to do an in-home assessment. They also required my hb's internist and neurologist to fill out forms that included a narrative about his condition. When I received the notification the claim was approved, I also received the plan of care. It suggested four alternatives, including an ALF, all of which provided 24/7 care. I have a list of providers, but am not restricted to the companies on the list. I pay them directly, then submit forms they have mailed me for reimbursement. The weekly outlay they will reimburse is capped, but they don't seem to limit the hourly rate you can pay a provider. You're even allowed to bill for a few hours of your own time. So you can have somebody 24/7 if you can fit that under your cap--or supplement what they pay. You can also go into an ALF if it makes more financial sense or becomes necessary. I've only been approved a month, so I can't speak to the speed or ease of reimbursement, but the process has been straightforward to his point. My hb's last score on the mini mental was 16/30. I prefer to keep him home, but if he continues so highly agitated it will not be possible.
Good luck with the insurance, I'll be interested to hear how it works out for others, and I'll try to update my own experience.


Wed Oct 26, 2011 3:03 am
Profile

Joined: Fri Jan 15, 2010 9:33 pm
Posts: 3396
Location: Vermont
Post Re: Long Term Care Insurance
Thanks for the info. and so glad it is working for you at this stage. Lynn

_________________
Lynn, daughter of 89 year old dad dx with possiblity of LBD, CBD, PSP, FTD, ALS, Vascular Dementia, AD, etc., died Nov. 30, 2010 after living in ALF for 18 months.


Wed Oct 26, 2011 9:14 am
Profile

Joined: Tue Feb 23, 2010 10:32 am
Posts: 215
Location: Kalispell, MT
Post Re: Long Term Care Insurance
Our LTC insurance is with CNA, Continental Casualty.
Took it out in 2002, annual premium for him was $1288 and for me, $1407. During my husband’s last 6 months in the ALF, they paid total of $23,000. There was a 5% inflation increase, so the pot by then would have been considerably over $200,000. It paid for the entire ALF cost except I had to pay extra for a private room.
Plenty of options to factor in when making choices.

Paying for life insurance as part of the plan may not be cost effective--check that out closely.


Wed Oct 26, 2011 11:40 am
Profile
Display posts from previous:  Sort by  
Reply to topic   [ 21 posts ]  Go to page 1, 2  Next

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group.
Designed by STSoftware for PTF.
Localized by Maël Soucaze © 2010 phpBB.fr